Ride giants take diverging routes (Smith Collection/Gado/Getty Images)
15-inch AUX cord... 17-min ETA. America's #2 ride-hailer just rolled up with earnings. Lyft is known for its transportation focus (think: no food delivery) and cars with fuzzy pink mustaches (see: this Prius). We're checking in on its #s from a quarter of pricey gas, supercharged fares, and disappearing mask mandates:
Uber Black, Lyft Pink… not a K-pop girl band. Lyft's bigger rival reports today. Lyft says it’s "singularly driven" by its mission to improve lives with transportation (cars, bikes, etc.). Meanwhile, Uber’s driving into everything, from food to ecomm deliveries. It’s no longer a ride-hail company.
The OG isn't always the growth key… Uber's core biz was ride hail. Now delivery is bringing in nearly half of sales, and freight is its fastest-growing biz. While Lyft is also enjoying the ride rebound, it doesn't have those diversified growth avenues. That could be why Uber's annual revenue is 5X as big as Lyft's. But they have this in common: Uber and Lyft lost hundreds of millions of dollars last year, and both stocks are down ~30% this year.